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If firms are successful in product differentiation: A. they gradually emerge as price takers. B. consumers will believe that the firms are producing more or less identical goods. C. their demand will become relatively elastic. D. they tend to face a horizontal demand curve. E. they can raise their prices without losing all of their customers to rivals
Suppose that re are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. What is opportunity cost of producing a car in Canada.
Solve graphically: Show an increase in real interest rates that decreases quantity supplied of savings. (m2=0)
Suppose which the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their monopoly of gambling.
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.
Under what conditions will a firm close in the short run? Explain the reasoning behind the shutdown rules. If a firm has short-run losses, when would it stay open?
China's entry into the World Trade Organization (WTO) in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What impact do you think the import quota reduction likely had o..
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged?
Illustrate what was each company's share of market at beginning and end of month. If current trend continues Illustrate what will market shares be.
"If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed or misallocated resources in Mexico." Is this statement true or false?
A firm sells its product in a perfectly competitive market where other firms charge a price of $120 per unit. The firm’s total costs are C(Q) = 50 + 12Q + 2Q2. How much output should the firm produce in the short run? What price should the firm charg..
A forty-year annuity-immediate makes monthly payments. During the first year the monthly payments are $100 each. The payments within each year are level; however, the monthly payments in each of the years two through forty are 4% higher than those in..
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